Launched on Monday 11 July, the company was initially hoping to raise £1m from their campaign. By Tuesday evening, pledges had already hit £12.9M from 6,627 people, all registered users on the app – the main condition to be fulfilled to participate.
Led by Founder and CEO Nik Storonsky, Revolut is advancing a mobile app that allows users to exchange currencies at interbank rates, send money through contacts and spend with a multi-currency Master Card. Launched in July 2015, Revolut’s app allows users to top up accounts in GBP, EUR or USD via debit card or bank transfer. They can spend in over 100 currencies on the card, benefitting from the best available exchange rate at the time of transaction and can also send money in 23 currencies directly via the app and pay no extra fees.
The Crowdcube campaign comes after a series A round in which they raised £7M from VCs including Index Ventures and Balderton Capital.